OPEC production cuts reflected in EIA forecast; HGL production grows through 2017 (12/7/2016)

In EIA’s December Short-Term Energy Outlook (STEO), both the West Texas Intermediate (WTI) and Brent crude oil 2017 price forecasts increased by about one dollar per barrel (b) from the November STEO, with prices expected to average $51/b and $52/b, respectively. The WTI price is forecast to average $49/b in the first half of 2017 and end the year at $54/b, while the Brent price is forecast to average $50/b in the first-half of 2017 and end the year at $55/b (Figure 1). …
Source: This Week in Petroleum